James R. Brown, Gustav Martinsson, Christian Thomann
Higher country taxes on noxious manufacturing emissions lead to substantial increases in firm R&D spending. The R&D response is driven entirely by the high-pollution firms most affected by emissions taxes. Pollution taxes increase the marginal value of R&D spending in polluting firms, even when this spending does not lead to new innovation. Pollution taxes have the strongest effect on R&D investment in sectors where new invention is harder to appropriate and outside knowledge is easier to acquire, suggesting an important reason dirty firms invest in R&D is to expand their capacity to absorb external knowledge and technical know-how.
{"title":"Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms","authors":"James R. Brown, Gustav Martinsson, Christian Thomann","doi":"10.2139/ssrn.3871447","DOIUrl":"https://doi.org/10.2139/ssrn.3871447","url":null,"abstract":"Higher country taxes on noxious manufacturing emissions lead to substantial increases in firm R&D spending. The R&D response is driven entirely by the high-pollution firms most affected by emissions taxes. Pollution taxes increase the marginal value of R&D spending in polluting firms, even when this spending does not lead to new innovation. Pollution taxes have the strongest effect on R&D investment in sectors where new invention is harder to appropriate and outside knowledge is easier to acquire, suggesting an important reason dirty firms invest in R&D is to expand their capacity to absorb external knowledge and technical know-how.","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129909978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper reviews and systematizes the empirical research on the nexus between corporate governance (CG) and investments in research and development (R&D) published in leading business, management, economics and finance journals over the past 30 years. We find that CG is key in shaping R&D investments. Moreover, the effects of both firm‐ and country‐level CG are important for both internal and external R&D investments. Drawing on our review, we welcome future studies to examine the effect of the interplay between various CG mechanisms and different types of R&D investments, and possibly identify mediating variables besides the moderating ones. Moreover, we highlight the need for future interdisciplinary studies, as well as investigations of private companies and across developing countries. Whenever causal interpretations are attempted, both sample selection and endogeneity problems should be addressed, along with testing the CG‐R&D investment nexus for nonlinear dynamics. The implications of the study for both theory and practice are also discussed.
{"title":"Three Decades of Research on Corporate Governance and R&D Investments: A Systematic Review and Research Agenda","authors":"Ivan Miroshnychenko, Alfredo De Massis","doi":"10.1111/radm.12432","DOIUrl":"https://doi.org/10.1111/radm.12432","url":null,"abstract":"This paper reviews and systematizes the empirical research on the nexus between corporate governance (CG) and investments in research and development (R&D) published in leading business, management, economics and finance journals over the past 30 years. We find that CG is key in shaping R&D investments. Moreover, the effects of both firm‐ and country‐level CG are important for both internal and external R&D investments. Drawing on our review, we welcome future studies to examine the effect of the interplay between various CG mechanisms and different types of R&D investments, and possibly identify mediating variables besides the moderating ones. Moreover, we highlight the need for future interdisciplinary studies, as well as investigations of private companies and across developing countries. Whenever causal interpretations are attempted, both sample selection and endogeneity problems should be addressed, along with testing the CG‐R&D investment nexus for nonlinear dynamics. The implications of the study for both theory and practice are also discussed.","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125662602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
R. Carson, Joshua Graff Zivin, J. Louviere, S. Sadoff, J. Shrader
Innovation is important for firm performance and broader economic growth. But breakthrough innovations necessarily require greater risk-taking than more incremental approaches. To understand how managers respond to uncertainty when making research and development decisions, we conducted three experiments with master’s degree students in a program focused on the intersection of business and technology. Study participants were asked to choose whether to fund hypothetical research projects using a process that mirrors real-world research and development funding decisions. The experiments provided financial rewards that disproportionately encouraged the choice of higher-risk projects. Despite these incentives, most participants chose lower-risk projects at the expense of projects more likely to generate a large payoff. We also elicited participants’ personal risk preferences and found that decision-makers who are more tolerant of risk were more likely to fund breakthrough projects. The results suggest that the risk preferences of managers in charge of research investments may have an oversized effect on the rate of breakthrough innovation and the profitability of firms.
{"title":"The Risk of Caution: Evidence from an R&D Experiment","authors":"R. Carson, Joshua Graff Zivin, J. Louviere, S. Sadoff, J. Shrader","doi":"10.3386/w26847","DOIUrl":"https://doi.org/10.3386/w26847","url":null,"abstract":"Innovation is important for firm performance and broader economic growth. But breakthrough innovations necessarily require greater risk-taking than more incremental approaches. To understand how managers respond to uncertainty when making research and development decisions, we conducted three experiments with master’s degree students in a program focused on the intersection of business and technology. Study participants were asked to choose whether to fund hypothetical research projects using a process that mirrors real-world research and development funding decisions. The experiments provided financial rewards that disproportionately encouraged the choice of higher-risk projects. Despite these incentives, most participants chose lower-risk projects at the expense of projects more likely to generate a large payoff. We also elicited participants’ personal risk preferences and found that decision-makers who are more tolerant of risk were more likely to fund breakthrough projects. The results suggest that the risk preferences of managers in charge of research investments may have an oversized effect on the rate of breakthrough innovation and the profitability of firms.","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125129930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study research and development productivity (RDP) transmission between 4,123 global firms across three supply chain tiers. Collecting 153,090 yearly supply chain dyad partnerships from Bloomberg, we construct a two-sided econometric model of supply chain R&D. In our empirical specification, the dependent variable measures return on R&D, and the independent variables measure supply chain partner and network effects. In our sample data, we find that a 1% R&D productivity improvement of (i) an upstream partner can increase a downstream agent’s R&D productivity by 0.14%, and (ii) a downstream partner can increase an upstream agent’s R&D productivity by 0.28%. Our findings show that having R&D-productive partners plays a significant role in transforming an agent’s R&D into revenues. Similarly, we estimate a network’s average R&D productivity elasticity on an agent as 0.23%. We further find that R&D productivity spreads more within smaller, integrated, domestic, and intra-industry networks. In our two-stage estimation, we address supply chain network endogeneity resulting from entanglement, simultaneity, and partner selection. Our findings provide operational and financial insights for R&D practitioners.
{"title":"Bilateral R&D Productivity and Supply Chain Networks","authors":"Yuqi Peng, Yan Dong, A. Colak, S. Venkataraman","doi":"10.2139/ssrn.3526406","DOIUrl":"https://doi.org/10.2139/ssrn.3526406","url":null,"abstract":"We study research and development productivity (RDP) transmission between 4,123 global firms across three supply chain tiers. Collecting 153,090 yearly supply chain dyad partnerships from Bloomberg, we construct a two-sided econometric model of supply chain R&D. In our empirical specification, the dependent variable measures return on R&D, and the independent variables measure supply chain partner and network effects. In our sample data, we find that a 1% R&D productivity improvement of (i) an upstream partner can increase a downstream agent’s R&D productivity by 0.14%, and (ii) a downstream partner can increase an upstream agent’s R&D productivity by 0.28%. Our findings show that having R&D-productive partners plays a significant role in transforming an agent’s R&D into revenues. Similarly, we estimate a network’s average R&D productivity elasticity on an agent as 0.23%. We further find that R&D productivity spreads more within smaller, integrated, domestic, and intra-industry networks. In our two-stage estimation, we address supply chain network endogeneity resulting from entanglement, simultaneity, and partner selection. Our findings provide operational and financial insights for R&D practitioners.","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130618302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Zhao Chen, Zhikuo Liu, Juan Carlos Suárez Serrato, Daniel Yi Xu
We study a Chinese policy that awards substantial tax cuts to firms with R&D investment over a threshold or “notch.” Quasi-experimental variation and administrative tax data show a significant increase in reported R&D that is partly driven by firms relabeling expenses as R&D. Structural estimates show relabeling accounts for 24.2 percent of reported R&D and that doubling R&D would increase productivity by 9 percent. Policy simulations show that firm selection and relabeling determine the cost-effectiveness of stimulating R&D, that notch-based policies are more effective than tax credits when relabeling is prevalent, and that modest spillovers justify the program from a welfare perspective. (JEL D22, D24, H25, O14, O32, P31, P35)
{"title":"Notching R&D Investment with Corporate Income Tax Cuts in China","authors":"Zhao Chen, Zhikuo Liu, Juan Carlos Suárez Serrato, Daniel Yi Xu","doi":"10.1257/AER.20191758","DOIUrl":"https://doi.org/10.1257/AER.20191758","url":null,"abstract":"We study a Chinese policy that awards substantial tax cuts to firms with R&D investment over a threshold or “notch.” Quasi-experimental variation and administrative tax data show a significant increase in reported R&D that is partly driven by firms relabeling expenses as R&D. Structural estimates show relabeling accounts for 24.2 percent of reported R&D and that doubling R&D would increase productivity by 9 percent. Policy simulations show that firm selection and relabeling determine the cost-effectiveness of stimulating R&D, that notch-based policies are more effective than tax credits when relabeling is prevalent, and that modest spillovers justify the program from a welfare perspective. (JEL D22, D24, H25, O14, O32, P31, P35)","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115187776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Since 2001, the China Securities Regulatory Commission has implemented a series of policies to ensure that dividend payments constitute a prerequisite of equity financing. This is known as the semi-mandatory dividend policy. Using a sample of Chinese listed firms from 2007 to 2015, we document that firms with more R&D investments tend to pay more dividends. While this is not consistent with the classical dividend theorem, it can be explained by the semi-mandatory dividend policy and the unique features of R&D investments. R&D firms are more likely to have equity financing needs and they have strategic incentives to pay dividends in order to access external capital markets. Such pay-for-financing incentives are stronger for firms with lower cash holdings and less financial constraints. By examining future seasoned equity offerings, we further demonstrate equity financing needs as the underlying mechanism for R&D investments to positively affect dividend payout. In addition, we show that such semi-mandatory dividend payments adversely affect firm value and sustainable growth and our findings hold after controlling for endogeneity issues.
{"title":"R&D Investments and Dividend Payout: Evidence concerning the Semi-Mandatory Dividend Policy in China","authors":"Bao Yang, Hsin-I Chou, J. Zhao","doi":"10.2139/ssrn.3108974","DOIUrl":"https://doi.org/10.2139/ssrn.3108974","url":null,"abstract":"Since 2001, the China Securities Regulatory Commission has implemented a series of policies to ensure that dividend payments constitute a prerequisite of equity financing. This is known as the semi-mandatory dividend policy. Using a sample of Chinese listed firms from 2007 to 2015, we document that firms with more R&D investments tend to pay more dividends. While this is not consistent with the classical dividend theorem, it can be explained by the semi-mandatory dividend policy and the unique features of R&D investments. R&D firms are more likely to have equity financing needs and they have strategic incentives to pay dividends in order to access external capital markets. Such pay-for-financing incentives are stronger for firms with lower cash holdings and less financial constraints. By examining future seasoned equity offerings, we further demonstrate equity financing needs as the underlying mechanism for R&D investments to positively affect dividend payout. In addition, we show that such semi-mandatory dividend payments adversely affect firm value and sustainable growth and our findings hold after controlling for endogeneity issues.","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122090111","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Between 1993 and 2013 the number and power of CTOs increased; as indicated in the percentage of firms with CTOs, their increasing presence on boards, their compensation relative to their CEOs, and compensation relative to other highly compensated executives. Firms which pursue an aggressive technology strategy (powerful CTO, high R&D spending) in industries in which technology is a critical contingency have well above normal market adjusted returns while those which pursue that strategy in industries in which technology is not critical have well below normal returns. These results empirically confirm longstanding, untested assumptions in the field of technology management. Moreover, the effect of R&D expenditures on firm performance is contingent on the degree to which technology is a critical contingency in the industry and on the power of the firm's CTO. These findings may explain the mixed results of past studies of the effects of R&D expenditure on firm performance. A model which integrates its own insights with those of earlier work on CTOs, R&D expenditures, firm strategy, and firm power dynamics is presented and supported.
{"title":"The Effects of the Chief Technology Officer and Firm and Industry R&D Intensity on Organizational Performance","authors":"J. W. Medcof, Tien Lee","doi":"10.1111/radm.12275","DOIUrl":"https://doi.org/10.1111/radm.12275","url":null,"abstract":"Between 1993 and 2013 the number and power of CTOs increased; as indicated in the percentage of firms with CTOs, their increasing presence on boards, their compensation relative to their CEOs, and compensation relative to other highly compensated executives. Firms which pursue an aggressive technology strategy (powerful CTO, high R&D spending) in industries in which technology is a critical contingency have well above normal market adjusted returns while those which pursue that strategy in industries in which technology is not critical have well below normal returns. These results empirically confirm longstanding, untested assumptions in the field of technology management. Moreover, the effect of R&D expenditures on firm performance is contingent on the degree to which technology is a critical contingency in the industry and on the power of the firm's CTO. These findings may explain the mixed results of past studies of the effects of R&D expenditure on firm performance. A model which integrates its own insights with those of earlier work on CTOs, R&D expenditures, firm strategy, and firm power dynamics is presented and supported.","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117125637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
One hundred and eighteen project team leaders from five industrial research and development (R&D) organizations were studied to determine the individual characteristics that longitudinally predict leader effectiveness. Hypotheses generated from an interactionist framework and the theory of purposeful work behavior (Barrick et al., 2013) found an innovative orientation and job involvement to each predict 1-year later and 5-years later job performance ratings by immediate supervisors. Low need for clarity predicted 1-year later performance ratings. Self-esteem and job involvement each predicted 5-years later profitability of the project, and job involvement predicted project speed to market. As hypothesized, type of R&D work was found to be a moderator whereby an innovative orientation predicted 1-year and 5-years later job performance primarily for research projects, and a low need for clarity predicted 1-year later performance mainly for research projects. Implications for models of interactionism and leader effectiveness in R&D are discussed.
本文研究了来自五个工业研发组织的118位项目团队领导者，以确定纵向预测领导者有效性的个体特征。从互动主义框架和有目的工作行为理论(Barrick et al.， 2013)中产生的假设发现，创新取向和工作投入分别可以预测1年后和5年后直接主管的工作绩效评级。对清晰度的低需求预示着1年后的业绩评级。自尊和工作投入分别预测了项目5年后的盈利能力，工作投入预测了项目的上市速度。研究发现，研发工作类型是调节因子，创新取向主要预测研究项目1年和5年后的工作绩效，低清晰度需求主要预测研究项目1年后的工作绩效。讨论了研发互动主义和领导者效能模型的启示。
{"title":"A Longitudinal Study of the Individual Characteristics of Effective R&D Project Team Leaders","authors":"R. T. Keller","doi":"10.1111/radm.12272","DOIUrl":"https://doi.org/10.1111/radm.12272","url":null,"abstract":"One hundred and eighteen project team leaders from five industrial research and development (R&D) organizations were studied to determine the individual characteristics that longitudinally predict leader effectiveness. Hypotheses generated from an interactionist framework and the theory of purposeful work behavior (Barrick et al., 2013) found an innovative orientation and job involvement to each predict 1-year later and 5-years later job performance ratings by immediate supervisors. Low need for clarity predicted 1-year later performance ratings. Self-esteem and job involvement each predicted 5-years later profitability of the project, and job involvement predicted project speed to market. As hypothesized, type of R&D work was found to be a moderator whereby an innovative orientation predicted 1-year and 5-years later job performance primarily for research projects, and a low need for clarity predicted 1-year later performance mainly for research projects. Implications for models of interactionism and leader effectiveness in R&D are discussed.","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128408115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-07-18DOI: 10.21799/frbp.wp.2017.18
Kristy Buzard, Gerald A. Carlino, R. Hunt, Jake K. Carr, T. Smith
We employ a unique data set to examine the spatial clustering of about 1,700 private research and development (R&D) labs in California and across the Northeast corridor of the United States. Using these data, which contain the R&D labs? complete addresses, we are able to more precisely locate innovative activity than with patent data, which only contain zip codes for inventors? residential addresses. We avoid the problems of scale and borders associated with using fixed spatial boundaries, such as zip codes, by developing a new point pattern procedure. Our multiscale core-cluster approach identifies the location and size of significant R&D clusters at various scales, such as a half mile, one mile, five miles, and more. Our analysis identifies four major clusters in the Northeast corridor (one each in Boston, New York?Northern New Jersey, Philadelphia?Wilmington, and Washington, D.C.) and three major clusters in California (one each in the Bay Area, Los Angeles, and San Diego).
{"title":"The Agglomeration of American Research and Development Labs","authors":"Kristy Buzard, Gerald A. Carlino, R. Hunt, Jake K. Carr, T. Smith","doi":"10.21799/frbp.wp.2017.18","DOIUrl":"https://doi.org/10.21799/frbp.wp.2017.18","url":null,"abstract":"We employ a unique data set to examine the spatial clustering of about 1,700 private research and development (R&D) labs in California and across the Northeast corridor of the United States. Using these data, which contain the R&D labs? complete addresses, we are able to more precisely locate innovative activity than with patent data, which only contain zip codes for inventors? residential addresses. We avoid the problems of scale and borders associated with using fixed spatial boundaries, such as zip codes, by developing a new point pattern procedure. Our multiscale core-cluster approach identifies the location and size of significant R&D clusters at various scales, such as a half mile, one mile, five miles, and more. Our analysis identifies four major clusters in the Northeast corridor (one each in Boston, New York?Northern New Jersey, Philadelphia?Wilmington, and Washington, D.C.) and three major clusters in California (one each in the Bay Area, Los Angeles, and San Diego).","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116122331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Arnobio Morelix, Inara Tareque, R. Fairlie, Joshua Russell-Fritch, E. Reedy
The Kauffman Index of Main Street Entrepreneurship is a comprehensive indicator of small business activity in the United States, integrating high-quality sources of timely information into one composite indicator. The Index captures business activity in all industries and is based on both a nationally representative sample size of roughly 900,000 responses each year and on the universe of all employer businesses in the United States on a dataset covering approximately five million businesses. The focus here is on business owners based on a location, survival rates of firms, and established small businesses — employer firms five years old and older and with fewer than fifty employees. As such, we examine both the business owners and the businesses they own.Main Street entrepreneurship is an important aspect of the U.S. economy and society. Established small businesses make up almost 68 percent of all employer firms in the United States and are a source of local economic activity.This report represents trends in Main Street entrepreneurship activity of the past two decades for the forty largest metropolitan areas in the United States by population. Two separate reports look at these same trends in all fifty states and at the national level. Some Main Street Entrepreneurship Index components, when available, also are reported by demographic groups.
{"title":"The Kauffman Index 2016: Main Street Entrepreneurship Metropolitan Area and City Trends","authors":"Arnobio Morelix, Inara Tareque, R. Fairlie, Joshua Russell-Fritch, E. Reedy","doi":"10.2139/SSRN.2872903","DOIUrl":"https://doi.org/10.2139/SSRN.2872903","url":null,"abstract":"The Kauffman Index of Main Street Entrepreneurship is a comprehensive indicator of small business activity in the United States, integrating high-quality sources of timely information into one composite indicator. The Index captures business activity in all industries and is based on both a nationally representative sample size of roughly 900,000 responses each year and on the universe of all employer businesses in the United States on a dataset covering approximately five million businesses. The focus here is on business owners based on a location, survival rates of firms, and established small businesses — employer firms five years old and older and with fewer than fifty employees. As such, we examine both the business owners and the businesses they own.Main Street entrepreneurship is an important aspect of the U.S. economy and society. Established small businesses make up almost 68 percent of all employer firms in the United States and are a source of local economic activity.This report represents trends in Main Street entrepreneurship activity of the past two decades for the forty largest metropolitan areas in the United States by population. Two separate reports look at these same trends in all fifty states and at the national level. Some Main Street Entrepreneurship Index components, when available, also are reported by demographic groups.","PeriodicalId":320323,"journal":{"name":"ERPN: Research (Sub-Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125126322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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